Published: Sat, March 10, 2018
Economy | By

Goldman Sachs boss Blankfein 'planning to exit' as early as year-end

Goldman Sachs boss Blankfein 'planning to exit' as early as year-end

Lloyd Blankfein, Goldman Sachs' CEO, is preparing to exit the firm as soon as the end of this year, The Wall Street Journal reported on Friday.

The 63-year-old will be leaving on his own terms, The Wall Street Journal reported.

His departure would likely lead to a quick appointment for either David Solomon, a former dealmaker, or Harvey Schwartz, the ex-CFO who worked with Blankfein in the early days of his career at Goldman Sachs in commodities trading.

He's had the job for 12 years, and steered the bank through the 2008 financial crisis.

A Goldman Sachs Group Inc. spokesman declined to comment on the report. Shares were mostly unchanged from their prices prior to the news. He's preached patience to investors while pointing to strong results in the firm's other businesses, including investment banking. He was forced to testify before Congress, and Goldman Sachs later paid billions in fines. Even though he supported Hillary Clinton during the 2016 election, Blankfein recently told CNN the economy is "higher" under Trump than if Clinton had won.

Blanknfein has expressed a number of views that clash with President Trump's, including opposition to Trump's "travel ban", and Trump's decision to withdraw from the Paris climate accord, expressed in his first ever tweet. He declared himself cancer-free about a year later following chemotherapy treatments. In recent years, the firm has been hit by a slowdown in the markets business, as 2017 was its worst year in trading under Blankfein's watch. Paulson succeeded Jon Corzine, who entered New Jersey state politics after Goldman, serving as a senator and then governor.

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